I have seen EMT used that way or PVC, Rigid and it is ,IMO not a good idea. Only from the standpoint of having to do a re-vamp on it.
Alot of times they would put the service in the garage(double) and pipe into the basement maybe 30 feet away. I have seen often when the concrete cracked because of moisture and broke through the conduit and now the customer is getting water into the conduit and thus into the panel. One customer called me and wanted to know what to do, short of replacing the service. He wanted to drill holes in the bottom of the conduit in his basement to let the water out.
I strongly advised him against that idea but he went ahead and did it.
Alot of jobs are set up that way but theres gotta be a better way.

WmColt